Infosys shares rose 2% after the earnings announcement

Shares of Infosys closed up 1.55 percent at Rs 1,503.50 per share on the Bahrain Stock Exchange.

New Delhi:

Shares of Infosys gained nearly 2 per cent, with its market valuation rising to 9,695.95 crores on Friday, a day after the company reported earnings for the December quarter.

The stock closed up 1.55 percent at 1,503.50 rupees per share on the Bahrain Stock Exchange after falling nearly 1 percent in initial trading. During the day, it increased by 2.61 percent to Rs 1,519.20.

On the NSE, the shares of the company closed at Rs 1,504 per share, up 1.58 per cent.

The company’s market valuation of Rs.9,695.95 crore jumped to Rs.6,32,684.95 crore on BSE.

BSE Sensex, which includes 30 shares, jumped 303.15 points, or 0.51 percent, to settle at 60,261.18, while the NSE Nifty index rose 98.40 points, or 0.55 percent, to close at 17,956.60.

In terms of volume, 2.85 thousand shares were traded on the Bahrain Bourse and more than 1.16 crore shares on the New York Stock Exchange during the day.

On Thursday, Infosys reported a better-than-expected 13.4 percent profit increase in the December quarter and raised its annual sales forecast on a solid deal even as it warned of “limitations” in certain segments amid a slowing global economy.

Consolidated net profit increased to Rs.6,586 crore in October-December 2022 as against Rs.5,809 crore in the previous year.

The leading IT company expects revenue growth of 16-16.5 percent for the current fiscal year compared to the 15-16 percent growth it had forecast earlier despite “changing global conditions”.

“Infosys reported a good result. Although margins did not expand, the stabilization reflects the company’s cost optimization measures. Changes in the macroeconomic environment will clarify the company’s spending sentiment, and the fourth quarter of the fiscal year remains a crucial time,” said Urmi Shah, research analyst. In SAMCO Securities, in the third quarter results of fiscal year ’23 by Infosys.

(Except for the headline, this story was not edited by the Alendronaterx staff and was published from a syndicated feed.)

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